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Your credit card offers you a promotional APR of 24% per year, which of course involves monthly compounding (it is in the tiny letters). Let's

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Your credit card offers you a promotional APR of 24% per year, which of course involves monthly compounding (it is in the tiny letters). Let's see if we learned something this week: suppose that you have a balance of 1,000 . 1. What is the monthly interest rate that you are charged? 2. If you do not pay your credit card at all for a year, what would be the ending balance (remember, monthly compounding)? 3. What is the effective annual rate of your credit card

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